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Who is running the Treasury? It's now three months since President Jacob Zuma finally succeeded in getting a tighter rein on his most senior of cabinet posts, and between the minister and his deputy in the Treasury, there is some evidence of a tug of war in different policy directions. At the centre of the conflicting messages is the independence of the South African Reserve Bank. Along with the country's leading banks, the central bank has become a key target in the battle against purported "white monopoly capital". In appointing Malusi Gigaba, 45, as finance minister, along with Sfiso Buthelezi, 55, as his deputy, the president managed at last to rid himself of Treasury policymakers who had cast themselves as the last bastion against state capture. Compromises Getting to this point has been a journey fraught with wheeling and dealing by a desperate president.Many compromises were made to get here. The man at the Treasury helm was but the president's fourth choice, if one considers...

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